Tax - COVID-19

The IRS extends additional tax deadlines to cover estimated tax payments due June 15, 2020 and other returns applicable to individuals, trusts, estates, corporations and others

On Thursday, April 9, 2020, the Department of Treasury and the Internal Revenue Service announced the extension of additional key tax deadlines for individuals and businesses. IRS Notice 2020-23 expanded deadline relief to generally apply to all taxpayers that have…

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The Case for Roth Conversions

At KHA, we tend to look for opportunities that can be found in challenges. With the COVID-19 crisis, we ask, “What can we learn from this situation or how can we improve our current circumstances?” The values of most retirement…

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Business and Individual Retirement Plans and the Impact of the CARES Act

On Friday, March 27, 2020 the United States government implemented legislation that provided comprehensive relief to America in what is otherwise known as the CARES Act. The CARES Act included loans and payroll credits to businesses, cash to individuals, and…

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Texas Extends the Texas Franchise Tax Deadline to July 15

In a response to the COVID-19 pandemic, the Texas Comptroller has extended the due date for 2020 franchise tax reports and payments to July 15, 2020. This automatic extension, which requires no additional forms, applies to all franchise taxpayers. This…

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Payroll Tax Provisions for Businesses in the CARES Act

NOTICE – As of April 1, the IRS has posted frequently asked questions that will answer some details not known at the time of this article.  For additional information, please visit the IRS website, click here These payroll tax provisions…

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CARES Act Individual Tax Provisions

Individual Tax Provisions Found in the CARES Act The CARES Act provides tax relief for individuals, specifically in the form of cash rebates and generous deductibility of charitable contributions.  Recovery Rebates for Individuals Amount of Assistance Subject to limitations, an…

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Business Tax Provisions in the CARES Act

Modifications for Net Operating Losses The net operating loss (NOL) rules applicable to individuals and C Corporations recently changed and will now change again. To avoid confusion, let’s review: Prior to 2018, NOLs could be carried back two years and…

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IRS Unveils New People First Initiative

The IRS unveiled the new “People First Initiative” which intends to temporarily adjust and suspend some compliance programs. IRS has established a series of relief to assist taxpayers.  Highlights of the initiatives are: Existing Installment Agreements Taxpayers who are in…

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Stimulus deal will include checks

Client Communication – March 27, 2020 Stimulus deal will include checks The stimulus deal expected to be passed by the House and signed into law by the President will include sending checks directly to individuals.  It is expected to take…

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Sales Tax – Texas Comptroller Relief

Client Communication – March 25, 2020 Today the Texas Comptroller of Public Accounts offered assistance with businesses struggling to pay the full amount of sales taxes collected in February.  They are offering short-term payment agreements, and in most instances, waivers…

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